Pakistan: Second Review Under the Extended Arrangement Under the Extended Fund Facility, First Review Under the Resilience and Sustainability Facility, Request for a Waiver of Nonobservance of a Performance Criterion, and Modification of Performance Criteria—Press Release; Staff Report; and Statement by the Executive Director for Pakistan

IMF Staff Country Reports, December 11, 2025

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Canonical URL: Pakistan: Second Review Under the Extended Arrangement Under the Extended Fund Facility, First Review Under the Resilience and Sustainability Facility, Request for a Waiver of Nonobservance of a Performance Criterion, and Modification of Performance Criteria—Press Release; Staff Report; and Statement by the Executive Director for Pakistan

Continued strong policy implementation has helped Pakistan weather several shocks this year.
Growth was stronger than anticipated in FY25, but the recent floods moderately dampen the outlook for FY26.
Financial conditions and external balances have remained favorable.
Pakistan posted its first current account surplus in 14 years in FY25 and reserve rebuilding continued.
Headline inflation has been contained despite some flood-related food price increases.

First current account surplus in 14 years in FY25.
Growth: stronger than anticipated in FY25; outlook for FY26 moderately dampened by recent floods.
Inflation: headline inflation contained, with some flood-related food price increases.
External balances: favorable, with reserve rebuilding continuing.

Subject areas covered: Environment, Fiscal policy, Fiscal stance, Natural disasters, Public debt, Revenue administration.
Keywords associated with the report: cash transfer, Central Asia, Fiscal stance, foreign currency swap, Global, Middle East, Natural disasters, net tax revenues, revenue authorities, step recapitalization plan.

IMF Pakistan staff report
- IMF Pakistan staff report (Markdown version)
- IMF Pakistan staff report (PDF)